Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question
An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?

Given:
Opening capitaL................N7 000
Additional capital.............N3 500
Net............................N2 500
Closing........................N10 250
The drawings for the period stand at?

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?

(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?